29-Nov-2020 • No Time To Die
Back in October when MGM was reportedly offering one-year exclusive rights to the latest James Bond film 'No Time To Die' in order to bring some much-needed revenue into the beleaguered studio (before Danjaq vetoed such a move), initial reports suggested they were looking for $200-$250m for US rights, and up to $600m for worldwide rights.
That number has since been dwarfed by a new report in the LA Times that MGM was asking for $800m.
Investors at MGM are pushing for a sale of the studio.
In Q3 2020, MGM's revenue fell 12 % to $308.5 million and the company posted an $18.1 million loss, reflecting falling box office sales and television licensing revenue.
The LA Times points out that "the risk of further delays to MGM’s slate and its large debt load led S&P Global Ratings last month to downgrade the company’s credit rating to B from B+."
“They obviously have a good library of content that they can sell to different content consumers,” said S&P analyst David Snowden. ”But this is a small, independent movie studio with volatile revenues.”